let's bring in bloomberg's sonali basak in the chief legal officer at the company, paul grewal.q for joining us. we have to look at the most recent proposal, this idea about enhancing the role of custodian as it pertains to crypto assets in particular. these are not final rules but in the same proposal from the sec getting finalized tomorrow what kind of impact will that have on coinbase? thank you -- paul: thank you for having me. the short answer is none. coinbase is a qualified custodian today, was yesterday, and will remain so tomorrow. the reason is that in many ways, they operate exactly in accordance with the rules and we think that's good for the industry in good for consumers and investors. jon: what do you make of these sec chair comments that investment in visors can't necessarily rely on platforms such as coinbase as qualified custodians? paul: we have seen sec officials recognize that they can and do operate as a all if i'd custodian in a safe and reliable manner. as for others, we think that standards are a good thing. investors and consumers have a right to unders